Despite near-unanimous opposition from the insurance industry, ACE Ltd. is offering qualified support. In a conference call with investors on its 2005 results last week, Evan Greenberg, chief executive of ACE, said, “We are actively supporting the legislative process and believe that satisfactory trust fund legislation can emerge from it.”

Ace will extend its support if certain changes are made to the measure, he said.

The bill also has the support of the Asbestos Study Group, whose members include General Electric, General Motors, Honeywell, Pfizer and Ford, as well as the National Association of Manufacturers.

Metropolitan Life also said it supports the bill.

The U.S. Chamber of Commerce said it “does have concerns” with aspects of the asbestos legislation reported out of the Judiciary panel, “but we expect the legislation to be further refined as it moves through the full legislative process, including the Senate, House and subsequent conference committee, so that the best possible bill can be enacted.”

But to win passage, it will have to run a gauntlet of major enemies including most insurance trade groups, most insurers, trial lawyers, the AFL-CIO and some consumer groups, including Public Citizen. Most Democrats also oppose the bill, and conservative Republicans in the Senate are a potential stumbling block to passage.